Nakamoto extends 60 million USDT Kraken loan by a year to December 2027

The 8-K shows the 60m USDT◆ tranche extended to 4 Dec 2027, with 105m due 30 June 2027 and a 7.75% fee while the subsidiary holds at least 2,000 BTC in a Kraken◼ trading wallet (8.00% below that). Kraken now nets the daily-marked value of Payward Oceanic derivatives, floored at zero, in collateral tests. As of 30 Sept, Nakamoto held puts on 2,000 BTC at a $55,000 strike expiring 25 Dec 2026. At $68,494, Unchained estimates roughly 126% coverage on about 3,030 BTC pledged at 30 Sept, and no trigger level has been disclosed. Watch the next quarterly filing for updated pledged-coin figures.

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